|  |  |  |  |
| --- | --- | --- | --- |
|  |  | Three months ended Mar. 31, |  |
|  |  | 2021
(Unaudited) |  |  | 2020
(Unaudited) |  |
| Net income (loss) |  | $ | (3,393 | ) |  | $ | 38,072 |  |
| Adjustments: |  |  |  |  |  |  |  |  |
| Unrealized foreign exchange gain |  |  | (183 | ) |  |  | (95 | ) |
| Deferred income taxes |  |  | (370 | ) |  |  | 5,181 |  |
| Fair value changes on undesignated derivatives |  |  | (3,278 | ) |  |  | 481 |  |
| Merger costs |  |  | 5,853 |  |  |  | — |  |
| Adjusted Net Income (Loss) |  | $ | (1,371 | ) |  | $ | 43,639 |  |
| Average Shareholders’ Equity |  | $ | 791,209 |  |  | $ | 884,257 |  |
| Adjusted Return on Equity |  |  | (0.7 | %) |  |  | 19.7 | % |
|  |  |  |  |  |  |  |  |  |
| Weighted average diluted shares outstanding |  |  | 30,481,069 |  |  |  | 30,768,029 |  |
| Adjusted Net Income (Loss) per diluted share |  | $ | (0.04 | ) |  | $ | 1.42 |  |